Bitcoin Is Hyped-Up Fraud, But Blockchain Technology Is Impressive – JPMorgan CEO
In a recent interview, Jamie Dimon, the CEO of JP Morgan, addressed the current state of cryptocurrency markets, including Bitcoin (BTC). Dimon pointed out that he was not a fan of cryptocurrencies, calling Bitcoin a modern-day fraud.
The JP Morgan CEO expressed his disdain for Bitcoin (BTC) and other cryptocurrencies with a selection of derogatory terms, including a “Ponzi scheme,” “pet rock,” and most recently, describing it as a “hyped-up fraud.”
This is not the first time Dimon has spoken out against BTC. He had previously compared the cryptocurrency to a Ponzi scheme.
Earlier this week, Dimon was a guest on CNBC’s show Squawk Box, where he was asked about his stance on cryptocurrencies. Instead of sharing his insights, Dimon asked why other panelists “wasted their breath” talking about the subject.
Then, he added that Bitcoin is a “hyped-up fake, a pet rock.” However, the JPMorgan executive praised the advantages of blockchain technology as the bank currently uses it.
According to him, blockchain technology can be helpful in future money transfers. However, he questioned whether Bitcoin is as valuable or rare as purported.
An Unsurprising Event
The CEO and chairman of JPMorgan, while discussing the broader crypto market, admitted that he was not surprised by the collapse and subsequent bankruptcy of the once-leading crypto exchange, FTX. Previously, he referred to the exchange as a ‘decentralized Ponzi scheme.’
Jamie stressed that the US authorities should sooner prevent Tether’s supposedly opaque practices and lack of dollar support. Despite Dimon’s negative sentiments about Bitcoin, JP Morgan is taking steps towards incorporating blockchain technology into its existing systems.
For example, the company has introduced a digital currency called JPM Coin used for intraday repurchase agreements. In his comments, Dimon showed that he recognizes the potential benefits of blockchain technology and its potential for improved security and international transactions.
Meanwhile, it’s important to remember that no one can predict the future of the crypto market, and many still regard BTC as an inflation-proof asset.
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